Recently published research from Business Monitor International, "Nigeria Insurance Report 2014", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 12/09/2013 --As of late 2013, it is clear that some of the objectives of the Market Development & Restructuring Initiative of NAICOM, Nigeria's insurance regulator, were overly ambitious. Nevertheless, positive changes are underway, and should benefit the country's leading insurers. The coming year or so will show whether the MDRI actually produces a meaningful rise in non-life penetration, as it should.

When NAICOM, the insurance regulator of Nigeria, launched its Market Development & Restructuring Initiative (MDRI), the ambitious objectives were due to have been achieved by the end of 2012. A year later, successes are hard to identify and to quantify. In terms of premiums written, we think that the entire insurance sector is only about one third of the size envisaged by the architects of the MDRI. It is not at all clear that Nigerians have confidence in insurance companies. How many Nigerians actually use insurance is not clear: however the figure is far nearer the 6% of 2008 than the 30% hoped for.

View Full Report Details and Table of Contents

Nevertheless, and as was the case last year, the overall tenor of this report is positive. Real progress has been made towards the objectives of the MDRI. Nigeria's leading insurance companies may be (very) small organisations by most standards, and lacking in pricing power. However, they have demonstrated the ability to survive in the face of enormous challenges. Several of them enjoy the backing of multi-lateral institutions such as the International Finance Corporation (IFC - the private sector arm of the World Bank). A number are in partnership with multi-nationals from South Africa, many of whom are looking to expand their businesses in the rest of Sub-Saharan Africa (SSA).

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Financial Services research reports at Fast Market Research

You may also be interested in these related reports:

- Bermuda Insurance Report 2014
- Latvia Insurance Report 2014
- Israel Insurance Report 2014
- Estonia Insurance Report 2014
- Pakistan Insurance Report 2014
- Turkey Insurance Report 2014
- Jordan & Lebanon Insurance Report 2014
- Ukraine Insurance Report 2014
- Serbia Insurance Report 2014
- Lithuania Insurance Report 2014